False breakouts are one of the oldest tricks in the books. Market Makers use these to trick small fish into creating impulse positions, driving the price up or down and the up. The Market Makers, aka Whales, use this to their advantage, eventually driving the price in the opposite direction.
- Directly above the is the .5 fib level which we are currently struggling to break through. This level, along with the .618 are very common areas to bounce off of to continue the current trend.
Breaking past the .786 would be a very move for BTC and is something that is still very possible.
- Not only are their major fib levels to watch out for, it appears that we are currently completing the 5th impulse wave. Meaning downward movement is likely to follow.
Generally, based on BTC's history, the 5th wave is often the largest impulse wave; which means there is still a chance for BTC move higher. So the golden V marked above (also the .618) is a potential place for BTC to continue its downward movement.
- IF you look at the , that line is acting like a brick wall. BTC has failed to push through it on multiple occasions, and large downward movements have followed immediately
I'm not here to crush all of your BTC dreams. There is still a solid chance BTC will push through all these levels and we could see an ATH in the future. However, based on my TA knowledge, I do not believe the odds are not in its favor.
I am not posting this saying whether to go long or short. This is more of a caution for all traders. That this break is not a guaranteed moon. Market Makers are a real thing, and they have more skills and tricks that any of us could imagine.
I wish you all the best of luck.
Please note I am only providing my own trading information for your benefit and insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal.
However, there remains very strong divergence on the 4h which has me hesitating to place a long.
Not only that, we still remain in the limbo zone, which means a sudden swing could happen in either direction. Trade with caution.
I am currently short, but i reconmend waiting for a clean break/close in the channel before entering. Target would be the .5 fib level. The possibility of this swinging up still remains.
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I agree with you that we are in wave 5 but I see the top at around 6-7k before we start a "long term" correction.
Most alt coins tend to follow BTCs general direction, however their price movements can be much more volatile.
Therefore it is always wise to take profit at the highest price possible, and then repurchase once upward price movement is confirmed.
I heard about rumors about USDT has systematic risk because it is supported by bitfinex, which could be a big trouble if they moved the cash that supposed to support the value of USDT to somewhere else, and you can't withdraw USD from Tether.io right now.